A novel inbred maize line designated PHCEG and seed, plants and plant parts thereof. Methods for producing a maize plant that comprise crossing inbred maize line PHCEG with another maize plant. Methods for producing a maize plant containing in its genetic material one or more traits introgressed into PHCEG through backcross conversion and/or transformation, and to the maize seed, plant and plant part produced thereby. Hybrid maize seed, plant or plant part produced by crossing the inbred line PHCEG or a trait conversion of PHCEG with another maize line. Inbred maize lines derived from inbred maize line PHCEG, methods for producing other inbred maize lines derived from inbred maize line PHCEG and the inbred maize lines and their parts derived by the use of those methods.